Developers of nearby luxury apartments on the market contend that the Solaria situation is not representative of the Riverdale market as a whole, the Riverdale Press reports today.
“People are pointing to the auction and saying the market is in bad shape because of the results of the auction,” said Anne Shahmoon, sales associate at the Shirley Woods.
“But it’s because someone tried to dump 54 similar apartments. The market can’t absorb that much at one time.”
Added Amela Kadric, sales agent for the Riverstone, “This auction has not affected our sales.” The Riverstone holds an open house every Sunday, which is “still booked” for the upcoming weeks, she said.
At the Latitude, six of the 29 units are occupied, Sanjya Tidke, associate broker for the Latitude. While the Solaria had to “give major discounts” at the auction, she added that the Latitude typically ends up offering 5-7 percent off the asking price.
Each of the salespersons (who can hardly be considered as objectively interested) maintained that Joe Korff, founder of Arc Development, the developer of the Solaria, would not have had to resort to an auction if had shown more willingness to negotiate lower prices.
According to Solaria’s developer, the auction resulted in 21 contracts for 54 open apartments. “They are still in the middle of finalizing sales,” said a spokesman for Arc Development, remarking that updated sales information was not yet available.
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